Florida lawmakers have approved a bill to regulate payment stablecoins, sending the measure to Governor Ron DeSantisfor final approval.
Senate Bill 314 (SB 314) passed both chambers of the state legislature and would expand Florida’s money services lawsto cover stablecoins.
The bill requires stablecoin issuers operating in the state to follow existing financial regulations, including anti-money laundering rules, while banning the issuance of stablecoins without proper licenses.
The legislation also sets consumer protection standards and clarifies that certain payment stablecoins will not be classified as securities under state law.
Companies based outside Florida must notify the state’s Office of Financial Regulation (OFR) before offering stablecoin services in the state. Some issuers will be supervised solely by the OFR, while others may face joint oversight with federal regulators.
The bill also restricts stablecoin issuers from paying interest or yield to holders if federal rules prohibit such payments.
If signed by DeSantis, the law would establish one of the first state-level regulatory frameworks for stablecoins in the United States.
Featured image from: cointelegraph.com